TORONTO, CANADA — (Dec 24, 2015) — Antibe Therapeutics Inc. (“Antibe” or the “Company”) (TSXV: ATE, OTCQX: ATBPF) is pleased to announce the completion of a first closing of a brokered private placement (the “Private Placement”) on the same financial terms as the previously disclosed non-brokered private placement completed in connection with the acquisition of Citagenix Inc. The Private Placement of 45 units (each, a “Unit”) yielded gross proceeds of $450,000. Each Unit was priced at $10,000 and consists of a senior secured convertible debenture in the principal amount of $10,000.00 (each, a “Debenture”) and 20,000 warrants (each, a “Warrant”). Bloom Burton & Co. Limited acted as agent in connection with the Private Placement.

The Debentures have a maturity date of October 15, 2018 and bear interest at a rate of 10% per annum. The principal amount of the debentures is convertible at the option of the holder into Antibe common shares at a price of $0.22 per common share. The Debentures are secured by the assets of Antibe. Purchasers of the Debentures were issued an aggregate of 900,000 Warrants to purchase common shares of Antibe. Each Warrant will be exercisable for the purchase of one Antibe common share at a price of $0.31 and expires on October 15, 2018.

Bloom Burton and other agents participating in the private placement were paid an aggregate commission of 7% of the gross proceeds raised pursuant to the Private Placement and issued an aggregate of 143,182 Broker Warrants. Each Broker Warrant entitles the holder to purchase one Antibe common share at a price of $0.22 and expires on December 23, 2017.

The Debentures, Warrants and Broker Warrants are all subject to a hold period, which expires on April 24, 2016.

Antibe may raise up to an additional $800,000 pursuant to the Private Placement in one or more subsequent closings.

The net proceeds of the Private Placement will be used by the Company for working capital, product licensing, and general corporate purposes. The Private Placement is subject to the final approval of the TSX Venture Exchange.

About Antibe Therapeutics Inc.

Antibe develops safer medicines for pain and inflammation. Antibe’s technology involves linking a hydrogen sulfide-releasing molecule to an existing drug to produce a patented, improved medicine. Antibe’s lead drug ATB-346 targets the global need for a safer drug for chronic pain and inflammation. ATB-352, the second drug in Antibe’s pipeline, targets the urgent global need for a safer, non-addictive analgesic for treating severe acute pain, while ATB-340 is a GI-safe derivative of aspirin.

Antibe’s subsidiary, Citagenix Inc. (“Citagenix”), is a leader in the sales and marketing of tissue regenerative products servicing the orthopedic and dental marketplaces. Since its inception in 1997, Citagenix has become an important source of knowledge and experience for bone regeneration in the Canadian medical device industry. Citagenix is active in 15 countries, operating in Canada through its direct sales teams, and internationally via a network of distributor partnerships.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Forward-Looking Information

This news release includes certain forward-looking statements, which may include, but are not limited to, the growth of product sales, engaging new distributors and independent representatives, the completion of financing transactions and the licensing and development of drugs and medical devices. Any statements contained herein that are not statements of historical facts may be deemed to be forward-looking, including those identified by the expressions “will”, “anticipate”, “believe”, “plan”, “estimate”, “expect”, “intend”, “propose” and similar expressions. Forward-looking statements involve known and unknown risks and uncertainties that could cause actual results, performance, or achievements to differ materially from those expressed or implied in this news release. Factors that could cause actual results to differ materially from those anticipated in this news release include, but are not limited to, the Company’s ability to secure additional financing, its inability to execute its business strategy and successfully compete in the market, and risks associated with drug and medical device development generally. Antibe Therapeutics Inc. assumes no obligation to update the forward-looking statements or to update the reasons why actual results could differ from those reflected in the forward-looking statements except as required by applicable law.

Contact Information

Antibe Therapeutics Inc.
Dan Legault
Chief Executive Officer
Tel: +1 416-473-4095

Read all news


This is an external link. Click “OK” to continue.